Forex Daily Outlook – July 28 2010

Important and interested news today, in the US Durable Goods Orders, in Australia some changes in the CPI and Trimmed Mean CPI, let’s see what await us today.

In the US Durable Goods Orders, a leading indicator of economic activity measuring durable goods orders placed with domestic manufacturers, The U.S. manufacturers may need to speed up production based on the anticipated increase in orders for durable goods by up to 0.9% in June, compared with the 0.6% decline in May. 

Later in the US, Crude Oil Inventories, the number of barrels of crude oil held in inventory by commercial firms during the past week decreases by 1 million and influences the price of petroleum products which affects inflation, but also impacts growth as many industries rely on oil to produce goods.

Finally in the US, Federal Open Market Committee (FOMC); Beige Book, Anecdotal evidence supplied by the 12 Federal Reserve banks regarding local economic conditions in their district;, traders will watch closely if the Beige Book’s assessment on the economy confirms the Fed Chairman’s “unusually uncertain” economic outlook. 

In Europe, German Prelim Consumer Price Index (CPI), the price of goods and services purchased by consumers increased by 1%, Consumer prices account for a majority of overall inflation.

For more on the Euro, read the EUR/USD forecast and Casey Stubbs’ latest analysis.

In Great Britain, Bank of England (BOE); Governor Mervyn King testifies, along with BOE MPC Members Charles Bean, Paul Fisher, David Miles, and Andrew Sentance on monetary policy and financial stability before the Treasury Select Committee, in London, and influence the nation’s currency.

Read more about the Pound in the GBP/USD forecast.

In Australia, Consumer Price Index (CPI) the price of goods and services purchased by consumers increased by 1%. Consumer prices account for a majority of overall inflation. And the Trimmed Mean CPI the price of goods and services purchased by consumers, excluding the most volatile 30% of items is stabilized on 0.8%.

For more on the Aussie, read the AUD/USD forecast.

In New Zealand, Reserve Bank of New Zealand (RBNZ); Interest Rate Statement, The recent strengthening of the Kiwi against the U.S. dollar and other lower-yielding currencies should not come as a surprise since the Reserve Bank of New Zealand is widely-anticipated to follow the footsteps of the Bank of Canada and deliver another 0.25% interest rate hike, bringing the official cash rate in New Zealand to 3.0%.

Later in New Zealand, NBNZ Business Confidence Survey of about 1,500 businesses which asks respondents to rate the relative 12-month economic outlook and measures the Level of a diffusion index based on surveyed manufacturers, indicates optimism and an early signal of future economic activity.

More in New Zealand, Official Cash Rate, the Interest rate at which banks lend balances held at the RBNZ to other banks, Short term interest rates are the paramount factor in currency valuation – traders look at most other indicators merely to predict how rates will change in the future, increased up to 3%.

Finally in New Zealand Trade Balance, the Difference in value between imported and exported goods during the reported month, droops down from 814M to 359M, but indicates that more goods were exported than imported  and export demand also impacts production and prices at domestic manufacturers;

In Japan, Retail Sales, the total value of sales at the retail level; increases by 0.5% – the primary gauge of consumer spending, which accounts for the majority of overall economic activity.

That’s it for today. Happy forex trading!

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